DPR Securitisation of ~USD 410 million
Yapı Kredi Obtained ~USD 410 million DPR Securitisation
Yapı Kredi obtained a total of ~USD 410 million (EUR 130 million and USD 225 million) of financing within the framework of its Diversified Payment Rights (DPR) securitisation program backed by foreign export receivables and foreign exchange transfers. The notes, which will be received in four series, have a maturity of 5 years with a 2 year interest only period. The proceeds of the financing entered into Yapı Kredi’s accounts on 22 August 2011. This issuance brings the total amount raised under the Bank’s DPR programme since 2003 to ~USD 2.7 billion in 17 series.
The transaction, which was arranged on a joint lead basis by WestLB, Wells Fargo, SMBC Securities, Inc. and Standard Chartered, was also supported by International Finance Corporation (IFC) and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG). This is the first time that IFC and DEG have provided funding to Yapı Kredi by means of investment into the bank’s DPR Programme and the proceeds provided by IFC and DEG will be used to finance agriculture lending of SME and commercial clients as well as renewable energy related projects.
This is the first issuance of new money tranches from Yapı Kredi’s DPR Programme since 2007 and is a testament to the Bank’s strength both locally and among international banks despite the current global turmoil. The transaction received a rating of A- by Fitch Ratings, at the highest level of DPR securitisations from Turkey, further demonstrating the quality and solid financial performance of Yapı Kredi’s programme.
Istanbul, 23 August 2011
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 23 Aug 2011